U.S. Department of Justice Concludes Review of IP's Acquisition of Weyerhaeuser Pulp Business
MEMPHIS, Tenn. — August 8, 2016 — The U.S. Department of Justice has concluded its Hart-Scott-Rodino review of International Paper's announced acquisition of Weyerhaeuser's pulp business without taking any action. Regulatory reviews in other non-U.S. jurisdictions are ongoing. Completion of the transaction is expected to occur in the fourth quarter of 2016.
On May 2, 2016, International Paper announced it had signed a definitive agreement with Weyerhaeuser to acquire its pulp business. Under terms of the agreement, IP will acquire five pulp mills and two converting facilities that produce fluff pulp, softwood pulp, and specialty pulp for a number of consumer applications including diapers, other hygiene products, tissue, and textiles.
About International Paper
International Paper (NYSE: IP) is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Asia and Russia. It produces packaging products that enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products; papers that drive communication; paper bags that carry groceries; and paper cups and food containers. the company is headquartered in Memphis, Tenn., and employ 53,000 colleagues located in more than 24 countries. Net sales for 2015 were $22 billion.
Source: International Paper.